@Scott StevensonThe explanation from Account Closed is spot on.

Everything gets flushed down the toilet, renters don't know how to flip a circuit breaker, the water spots on the ceiling may go unreported for 6 months.  

Electronics don't "fry", that's what dumb people say when they break them.Your lack of grounds could cause an electric shock, which I would be much more concerned about the liability of, but will not "burn out" anything.

Rather like these two prior comments and echo Robert's idea that maybe your ideal spot is an owner occupied multifamily (2-4 unit); and as Ricardo notes, the wholesalers I read about on BP seem to work quite actively.

Use the calculators, but massage them a bit so that your MAO hits your sweet spot.... then take that figure and compare it to the ARV and you'll have your new MAO %.

Donell Cummings A few good starting rules of thumb to spot the scams are as follows:1) single digit interest rate2) no fees3) no down payment/skin in the game.If it looks too good to be true, it absolutely is.

Nice. 28k will get you a parking spot in my town.

Spot on.A few additional thoughts: The entire situation sounds strange.

The only other spot left is a door opening to a hallway and vinyl tile "rolls" over it. 

The one party who wanted it would then apply and pay the refundable holding deposit on the spot.